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The UK Government is aiming to ban the sale of new petrol and diesel cars in 2035, paving the way for a 100% electric market. However, with a growing choice of vehicles and rapid improvements in range, charging time and performance, there are already plenty of reasons to make the switch. Find out more below.
How do I benefit?
If you are interested in driving an Electric Vehicle the best way to do this is via Salary Sacrifice. This means you will pay for your car from your gross salary, and that you will save on income tax. As part of the Salary Sacrifice scheme you will benefit from:
- A brand new electric vehicle
- Lease a vehicle for 2, 3 or 4 years
- No deposit or credit check
- Maintenance and Tyres included
- Road tax
- Breakdown Cover
- Fully Comprehensive Insurance
- Increased end of contract damage waiver
- Early termination protection
The savings can be tricky to understand, so here's an example:
| Basic monthly cost: £395.72 | The basic monthly cost is the basic lease amount including maintenance, less any VAT your employer can recover. |
|---|---|
| Gross sacrifice: £474.35 | We add insurance products and any other scheme design elements set by your employer, and the sacrifice is taken from your gross salary. |
| Tax savings: £185.50 | Now, because we take the payment from your gross salary, you don't pay any tax on that income. |
| Net cost to you: £288.85 | So, the true impact on your take-home pay is a lot less. |
